Read latest India business news headlines 15th June 2018:
- Fortis Healthcare withdrew its scheme of amalgamation and arrangement with Fortis Malar and SRL as it could not complete the procedure even after 19 months.
- A panel of ministers shall meet next week to explore options on the future of Air India, which could range from getting Air India listed to full privatization or even calling off the sale.
- ICICI bank moves to NCLT against Punj Llyod seeking insolvency proceedings to recover Rs.582 crore of outstanding loans. The Bank has initiated a forensic audit of the firm and has appointed TR Chadha of Chadha & Co as the forensic auditor.
- SEBI is planning for revised norms to help recover investors money through the sale of assets in cases of illegal collective investment schemes. Sebi shall appoint a registered insolvency professional as administrator for asset sales.
- The founder of Continuum Wind Energy, Arvind Bansal, is in talks with investors to raise money to buy back Morgan Stanley’s majority stake in the firm. Morgan Stanley had invested $212 million in Continuum Wind in 2012.
- Indiamart will soon file draft papers to raise money of up to Rs 600 crore through an initial share sale. A foreign investment bank, ICICI securities, and Edelweiss Financial Services are said to be advising the company for the same.
- India and US have decided to negotiate a “trade package” soon with the offers of “hard, clear step” to avoid trade war between the two countries. Donald Trump threatened to “stop trading” in India citing high tariff rates.
- DoT shall seek a bank guarantee of about Rs 2100 crore from Idea before the merger of Idea and Vodafone takes place. The amount is towards one-time spectrum fee of Idea Cellular.
- ICICI bank has started working on the succession plan for Chanda Kochhar, which will be put in front of the Board after shortlisting gets completed.
- Adani Wilmer emerged as the highest bidder for Ruchi Soya, surpassing Patanjali.
- Airlines are likely to increase ticket prices across the board by a few hundred rupees to offset a possible revenue hit from refunding customers for ticket cancellations. The Government has proposed full refund if a customer cancels a ticket within 24 hours of booking.
- As per an estimate by Dentsu Aegis Network, advertising expenditure in India is expected to rise 10.5% to touch ₹62,400 crore in 2018. Last year Ad spending grew at 8.9% and is expected to grow at 11.1% in 2019.
*News as published in Business Standard, Live Mint and Economic Times.